The Delhi High Court has held in case of Stitchwell Qualitex (RF) Vs. ITO that Installation of plant and machinery in building would amount to use of the building and therefore assessee is eligible to claim for depreciation u/s 32 on said building .
HDFC Bank Limited vs. DCIT (ITAT Mumbai)- Also the judgment of Biocon Ltd vs. Dy. CIT [2013] 25 ITR (Trib) 602 (Bang) (SB) in which it was held that discount on the issue of shares to employee under the ESOP is an allowed expenditure u/s 37 is binding on us.
Supreme Court in the case of M/s Larsen & Toubro Limited v CCE held that the particular product which has been manufactured by the assessee for captive consumption will only be considered for any kind of exemption if covered by any exemption notification.
In case of CCE v M/s Fitrite Packers, Hon’ble Supreme Court held that the product could be termed as ‘Manufactured’ only when there is a transformation in the original article and this transformation should bring out a distinctive or different use in the article.
In case of M/s Star Industries v Commissioner of Customs (Import), Hon’ble Supreme Court while interpreting Notification No.4/2006-CE held that it is an exemption notification where only ‘Ores’ were exempted and if after the process of manufacture
Tax Research Cell of National Institute of Public Finance and Policy (NIPFP) has released a report on Development of an Analytical Model for Widening of Taxpayer’s Base. This study was undertaken for the Central Board of Direct Taxes to analyse and develop an Analytical Model for the number of taxpayers in the personal income tax system.
No Service Tax on Transfer of Immovable Property if entire consideration received after issue of Occupancy Certificate. In order to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc. after issue of occupancy certificate but before issue of completion certificate in areas under the jurisdiction of Municipal Corporation of Greater Mumbai i.e. Brihanmumbai Municipal Corporation (BMC),
Sec 44AA of the Income tax Act stipulates about the compulsory maintenance of Accounts by Certain persons carrying on business or profession and return their income under the head Profits & Gains of Business or Profession.
1. Draft the ESOP scheme. 2. Convene the Board Meeting and pass the scheme. 3. Call the general meeting to approve the scheme by Shareholders. The following disclosure will be made in the explanatory statement annexed to the notice for passing of the resolution-
India is all set to introduce a tax reform—the goods and services tax (GST). Apart from creating a unified market across India, GST will help make India’s manufacturing competitive by cutting high logistics and warehousing costs. A supply chain is the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, through to its eventual delivery to the end user. The supply chain segment involved with getting the finished product from the manufacturer to the consumer is known as the distribution channel.
